Industrial Drums Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

According to forecasts, the market for industrial drums is anticipated to expand from a value of USD 13.13 billion in 2023 to USD 17.03 billion by 2028. This growth is estimated to occur at a compound annual growth rate (CAGR) of 5.34% within the forecast period of 2023 to 2028. Some noteworthy points to highlight are as follows:

Reportlinker.com has published a new report titled "Industrial Drums Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" which discusses the anticipated growth of the industrial drums market. The report predicts that the market will increase from $13.13 billion in 2023 to $17.03 billion by 2028, representing a compound annual growth rate of 5.34% during the forecast period (2023-2028).

Main points to note: - The industrial drum market is experiencing demand for chemical and petrochemical lubricants. - Brazil is a major importer and exporter of chemical products, which will create significant demand for industrial drums. - The petrochemical industry requires safe packaging solutions for its products. - The production of paints, dyes, and inks in emerging markets also drives demand for industrial drums. - APAC is the main region for industrial drum demand, but the Middle East and Eastern Europe are also expected to have an impact. - Fiber drums are becoming more popular in the chemical and fertilizers industry. - Regulations and price increases can hinder market growth. - Manufacturers are adopting eco-friendly packaging materials like fiber and paperboard. - The COVID-19 pandemic has increased the demand for packaging in the food and essentials sector, driving market demand.

Tendencies in the Industrial Drums Market

The market is set to experience growth due to the escalating demand from the chemical and fertilizer, as well as the petroleum lubricant sectors.

Industrial drums are commonly used in the transportation and storage of dangerous and non-dangerous goods. These drums are particularly prevalent in industries such as chemicals, fertilizers, oils, and petroleum. One of the key factors contributing to the growth of the industrial drum market is the continuous expansion of these sectors, along with increased international trade over the past decade. According to the Union Minister for Commerce and Industry, Indian chemical exports are projected to increase by 106% in the year 2021-22. This will bring the country's chemical exports from USD 14.21 billion in 2013-14 to a new record of USD 29.30 billion. This significant growth is expected to drive the demand for chemical drums. The adoption of fiber drums in the chemical industry is also fueling market growth. Fiber drums are utilized for the storage and transportation of various substances, including adhesives, dyes, colorants, and hazardous chemicals. One of the advantages of fiber drums is their eco-friendliness, as they can be recycled and provide a more cost-effective alternative to plastic and steel drums. The Hindustan Petroleum Corporation Limited states that their International Trade department procures crude oil for refineries in Mumbai and Visakhapatnam, with a combined crude throughput of 18 million metric tons. Additionally, the department handles the import and export of petroleum products, with a volume of 7.18 MMT in the fiscal year 2020-2021. These activities play a significant role in driving the demand for industrial drums in the market. Furthermore, fiber drums are gaining prominence in the chemical and fertilizer industry due to their ability to enhance productivity and reduce expenses. The growing fertilizer and chemical trade between different countries is expected to further accelerate the demand for various industrial drums. Overall, the increasing international trade and the need for improved productivity are driving the market growth for the chemical, fertilizer, and petroleum lubricant industries, consequently increasing the demand for industrial drums.

The Asia Pacific region holds the biggest portion of the market.

In the Asia-Pacific region, the industry and manufacturing sector is rapidly growing and expanding into emerging economies like China, India, and Indonesia. This growth is expected to lead to an increase in the use of industrial drums. China, in particular, has seen a significant increase in the production of fiber drums and has a strong hold over other countries in terms of value, such as Malaysia and Singapore. Local and renowned players in the region are becoming more concerned with finding sophisticated packaging solutions for their products, which has led to better quality fiber drums being produced. The retail sector is also growing, and there is a preference for lightweight bulk containers like recyclable fiber drums. One of the main advantages of fiber drums is that they can be recycled, which is driving the positive outlook for the fiber drums market in the region. The Asia-Pacific region's industrial drums market is also expected to continue growing due to the increase in exports of wines and vegetable oil. Asian countries that export oil prefer to use industrial drums over other bulk packaging materials. The large-scale palm oil exports from China and India are expected to significantly increase the demand for industrial drums in the region. Countries like China and India, with strong agricultural sectors, are improving their export volumes by implementing effective storage, transport, and packaging solutions. According to Eurostat and the European Commission, the European Union's machinery and transport equipment exports to China in 2021 were valued at approximately EUR 116 billion (~USD 124.47 billion), making it the most exported commodity to China. Chemicals and related products ranked second, accounting for EUR 32.89 billion (~USD 35.3 billion). On the other hand, the European Union imported nearly EUR 264 billion (~USD 283.23 billion) of machinery and transport equipment from China in 2021. India, according to Invest India, is a top producer of spices, cashews, pulses, and jute. It is also one of the largest producers of fruits and vegetables globally. The country's expanding agriculture sector is expected to create significant demand for steel drums, particularly in the chemical and fertilizer end-use markets in the region.

An Introduction to the Industrial Drums Sector

The market for industrial drums is characterized by differentiation, increasing product usage, and intense competition. Innovation in design, capacity, and application can provide a sustainable advantage. The adoption of these products by end-users such as chemicals and fertilizers is growing, and this trend is expected to continue in the future. Some key players in this market are Greif Inc., Schütz GmbH & Co. KGaA, and Mauser Group BV. In February 2023, Mauser Packaging Solutions expanded its range of products in South Africa by investing in advanced equipment for manufacturing plastic drums. This new line, located in Durban, South Africa, produces UN-certified polyethylene barrels with tight heads in sizes ranging from 210 L to 250 L. These plastic barrels are available in single-layer or multi-layer formats and are suitable for use in chemical, food, oil, and lubricant industries. In October 2022, Schütz improved their Green Lifecycle Management program with the introduction of the Green Layer series. Through this initiative, the packaging expert assists clients in achieving their sustainability goals and reducing the overall carbon footprint of their packaging. The aim is to provide environmentally friendly packaging that is both abundant and cost-effective.

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